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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Ashtead Technology
Ashtead Technology (AT) investor relations material
Ashtead Technology H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary1 Sep, 2026
Executive summary
Revenue grew 1.1% year-over-year to GBP 100.2 million, with strong European performance offsetting declines in the Middle East and Asia due to geopolitical tensions and project delays.
Adjusted EBITA margin was 25.0%, down from 27.3% year-over-year, reflecting revenue mix changes and higher depreciation from recent investments.
Net debt reduced to GBP 116.7 million (from GBP 131.9 million), with leverage at 1.4x and expected to decrease further.
Strategic acquisitions, including Seadraulics in Australia and consolidation of UK mechanical solutions, enhanced global capabilities.
Financial highlights
Adjusted EBITA of GBP 25.1 million (25.0% margin), down from GBP 27.0 million (27.3% margin) in prior year.
Adjusted EPS of 20.6p, down 6% year-over-year.
Operating cash flow conversion at 79%; free cash flow conversion reduced due to CapEx timing and higher tax.
Return on capital at 20.5%, above cost of capital.
Net cash from operating activities: GBP 20.4 million.
Outlook and guidance
H2 revenue growth to be impacted by Middle East conflict and project slippages; some projects deferred to 2027.
Long-term market fundamentals remain strong, with addressable market forecast to grow at 6% CAGR to $3.4 billion by 2029.
Board expectations for full year remain in line with recent trading update.
Continued selective investment in technology, people, and international capabilities.
Offshore wind market expected to recover from 2027, with growth concentrated in Europe and Asia.
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Latest events from Ashtead Technology
- Revenue and profit guidance lowered due to project delays, but growth strategy remains supported.AT
Trading update - H1 2026 revenue rose 1% to £100.2m, with margins and leverage stable despite market challenges.ATH1 2026 TU
- Performance expectations unchanged; net debt seen below 1.0x by end-2026.ATTrading update
- 21% revenue growth, 29.1% EBITDA margin, and record backlogs support strong 2026 outlook.ATH2 2025
- Revenue up 21% to £203m, with strong margins and positive outlook for 2026.ATH2 2025 TU
- 23% revenue growth, strong margins, and record backlogs drive a positive outlook.ATH1 2025
- H1 2025 saw strong margin resilience and stable outlook despite revenue headwinds.ATTrading Update
- £63m deal expands Survey & Robotics capabilities and global reach, boosting growth prospects.ATM&A Announcement
- 52% revenue growth, strong margins, and record backlogs drive confidence for 2025.ATH2 2024
Next Ashtead Technology earnings date
H2 202616 Mar, 2027
Ashtead Technology
Next Ashtead Technology earnings date
H2 202616 Mar, 2027
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Frequently asked questions
Ashtead Technology Holdings PLC is an integrated subsea technology company specializing in equipment rental solutions, advanced underwater technologies, and support services for the global offshore energy sector. The company operates across three main service lines: Survey & Robotics, Mechanical Solutions, and Asset Integrity. These services cater to the installation, inspection, maintenance, repair (IMR), and decommissioning of offshore energy infrastructure. Ashtead Technology's offerings include a broad range of specialist and engineering support in asset integrity, encompassing design, construction, installation, mechanical integrity, life of field inspection and maintenance, and risk analysis. Mechanical solutions provided by the company cover subsea coating removal and cleaning, cutting, dredging services, as well as remotely operated vehicles (ROV) and diver tooling, topside support, and additional project support packages. Their survey and robotics solutions span environmental, geophysical, geospatial, hydrographic, and metocean surveys, among others. The company is headquartered in the UK, and its shares are listed on the London Stock Exchange.